January 29, 2018

Global Leader in Medical Cannabis Created by Aphria & Nuuvera Combination

Disclaimer This documentation is a presentation (the “Presentation”) of general background information about Aphria Inc.’s (“Aphria”) activities current as of January 10, 2018, unless stated otherwise. It is information in a summary form and does not purport to be complete. It is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular investor. These should be considered, with or without professional advice, when deciding if an investment is appropriate.

This Presentation does not constitute or form part of any offer for sale or solicitation of any offer to buy or subscribe for securities nor shall it or any part of it form the basis of or be relied on in connection with, or act as any inducement to enter into, any contract or commitment whatsoever. Recipients of this Presentation who are considering acquiring securities of Aphria are reminded that any such purchase or subscription must not be made on the basis of the information contained in this Presentation but are referred to the entire body of publicly disclosed information regarding Aphria.

The information contained in this Presentation is derived solely from management of Aphria and otherwise publicly available information concerning Aphria and does not purport to be all-inclusive or to contain all the information that an investor may desire to have in evaluating whether or not to make an investment in Aphria. The information has not been independently verified and is subject to material updating, revision and further amendment, and is qualified entirely by reference to Aphria’s publicly disclosed information.

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Certain statements in this Presentation may constitute forward-looking information, including future-oriented financial information and financial outlooks, within the meaning of applicable securities laws. Forward- looking information may relate to Aphria’s future outlook and anticipated events or results and may include statements regarding Aphria’s financial results, future financial position, expected growth of cash flows, business strategy, budgets, projected costs, projected capital expenditures, taxes, plans, objectives, potential synergies, industry trends and growth opportunities. Often but not always, forward-looking information can be identified by the use of words such as “anticipate”, “believe”, “expect”, “project”, “estimate”, “likely”, “intend”, “should”, “could”, “may”, “might”, “target”, “plan” and other similar expressions or variations (including negative variations) of such words and phrases. Forward-looking information contained in this Presentation is based on certain assumptions regarding expected growth, results of operations, performance, industry trends and growth opportunities.

While management considers these assumptions to be reasonable, based on information available, they may prove to be incorrect. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Aphria to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These risks, uncertainties and other factors include, but are not limited to risks associated with general economic conditions; adverse industry events; marketing costs; loss of markets; future legislative and regulatory developments involving medical marijuana; inability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favourable terms; the medical marijuana industry in Canada generally, income tax and regulatory matters; the ability of Aphria to implement its business strategies; competition; crop failure; currency and interest rate fluctuations, and the other risks discussed under the heading “Risk Factors” in Aphria’s Annual Information Form dated January 10, 2018. The foregoing factors are not intended to be exhaustive.

Although Aphria has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. Forward-looking statements contained herein are made as of the date hereof and Aphria and its directors, officers and employees disclaim any obligation to update any forward-looking statements, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on forward-looking statements due to the inherent uncertainty therein. All forward-looking information is expressly qualified in its entirety by this cautionary statement.

Forward-looking information and other information contained herein concerning management’s general expectations concerning the medical marijuana industry are based on estimates prepared by management using data from publicly available industry sources as well as from market research and industry analysis and on assumptions based on data and knowledge of this industry which management believes tobe reasonable. However, this data is inherently imprecise, although generally indicative of relative market positions, market shares and performance characteristics. While management is not aware of any misstatements regarding any industry data presented herein, industry data is subject to change based on various factors.

This Presentation may not be reproduced, further distributed or published in whole or in part by any other person. Neither this Presentation nor any copy of it may be taken or transmitted into or distributed in any other jurisdiction which prohibits the same except in compliance with applicable laws. Any failure to comply with this restriction may constitute a violation of applicable securities law. Recipients are required to inform themselves of, and comply with, all such restrictions or prohibitions and Aphria does not accept liability to any person in relation thereto.

Executive Summary

Transaction Value: CAD $826MM

Exchange Ratio: 0.3546 Aphria shares + $1.00 cash/Nuuvera share** (value $8.50)

Pro-Forma Ownership: Aphria Shareholders: 85.2% Nuuvera Shareholders: 14.8%

*Fully diluted** Based on Aphria’s 10 day VWAP

Aphria Inc. to acquire all issued and outstanding common shares* of Nuuvera

Forecasted to be accretive to Aphria shareholders in first full fiscal year after close

on an earnings per share basis

Capitalizes on Nuuvera’s expansive international footprint, expanding network

into Germany, Italy, Spain, Malta, U.K., Israel, Uruguay and Lesotho

Strategic Rational

1CAPITALIZES ON GLOBAL FOOTPRINT

2DELIVERS COMPLEMENTARY CORE COMPETENCIES

3ADDS HIGHLY-EXPERIENCED, GLOBAL MANAGEMENT TEAM

• Leverages Nuuvera’s expansive international partnership, supply and sale agreements in lucrative medical cannabis markets across the world: Germany, Italy, Spain, Malta, U.K., Israel, Uruguay, Lesotho

• Secures Canadian Maritime MOU (2,500kg in first year)

• Unlocks greater economic value by combining Nuuvera’s cannabis extraction, distillation, cannabinoid purification and formulation expertise with Aphria’s low-cost, high quality cultivation capabilities

• Creates supply chain efficiencies & value-added margin for 77,000kgs earmarked for Nuuvera’s supply agreements

• Delivers enhanced product development capabilities • Integrates operations and controls across both companies

• Improves international management bench strength with industry leading management and research teams

• Leverages strong relationships and expertise in international markets

Aphria becomes global medical cannabis leader with presence in 11 countries

• Cultivation & sale licenses / 230,000kg capacity

• Investments in Liberty Health Sciences and Copperstate Farms

• 25% ownership in Althea Company Pty Ltd. including supply agreement

• Supply agreements with MedlabClinical

• Shortlisted by BfArM for a contract to grow, process, store and deliver up to 6,000 kg of cannabis

• Supply agreement with second largest pharmaceutical distribution company serving over 13,000 pharmacies (1,200kgs initial order)

• Owner of 1 of 7 import/distribution licenses

• LOI for JV with local partner, Cafina, including supply agreement

• LOI to acquire GMP facility

• Supply agreement (100kg/month of extract)

• Established presence & relationships

• LOI for JV with local partners • LOI for acquisition of GMP facility

• Import agreement for pharma-grade CBD isolate (up to 30kg/month)

Deal capitalizes on Nuuvera’s existing global footprint

• Supply agreement (30kgs/month of CBD isolate)

• MOU for New Brunswick (2,500kg)

Lorne AbonyChief Executive Officer

Mr. Abony was the founder and chief executive officer of three public companies: Fun Technologies, a skill and fantasy sportsgaming company dual listed on the TSX and London Stock Exchange; Mood Media, a retail audio and entertainment company dual listed on the TSX and London Stock Exchange; and FastForward Innovations Ltd., a technology investment firm listed on the AIM Market of the London Stock Exchange (“FastForward”)

Jordan GreenbergChief Financial Officer

Mr. Greenberg has over 20 years of experience managing financial and administrative matters in large private companies in the agricultural, manufacturing and distribution sectors

Josh EpsteinChief Operating Officer, General Counsel and Secretary

Mr. Epstein is an entrepreneur, investor and attorney. Prior to joining Nuuvera, Mr. Epstein was a Partner at venture capital firm, FastForward Innovations, where he oversaw investments and divestitures of companies in the United States, Canada, the United Kingdom, Germany, Israel and China.

Antonio CostanzoHead of International Development

Mr. Costanzo is the Head of International Development of Nuuvera. Prior to joining Nuuvera, Mr. Costanzo served as the Head of Public Policy, France and Southern Europe for UBER France SAS from May 2016 to June 2017

Hendrik KnoppManaging Director, Nuuvera Germany

Mr. Knopp is the Managing Director of Nuuvera Germany. Prior to joining Nuuvera Germany, Mr. Knopp practiced as a lawyer for 19 years with WZR Legal in Hamburg, Germany and served from 2006 to 2011 as Director Poker Marketing and Marketing Development at Bwin.Party PLC

Vivian BercoviciManaging Director of Nuuvera Europe and Israel

Ms. Bercovici is the Managing Director of Nuuvera Europe and Israel. She was appointed Canadian Ambassador to Israel by former Prime Minister Stephen Harper in 2014, where she served until 2016

Shawn KofflerDirector of Global Marketing & Strategy

Mr. Koffler is the Director of Global Marketing and Strategy at Nuuvera. Based in Tel Aviv, Israel, his professional background includes marketing and brand development in the consumer goods and retail sectors

Greg TaylorPresident of Nuuvera Canada

A successful entrepreneur with inspiring leadership abilities, Greg Taylor has a track record of being on the leading edge of new industries – craft beer, white-label ATMs and now cannabis

Source: Public Disclosure

Highly experienced global management team adds international bench strength

Deal Terms

Offer Value C$8.50 per Nuuvera share / C$826 million total transaction value(1)

Consideration / Exchange Ratio $1.00 in cash and 0.3546 Aphria shares per Nuuvera share

Maximum Aphria Shares Issued ~34 million shares

Pro Forma Ownership(1,2) 85.2% Aphria / 14.8% Nuuvera

Structure Business combination through Plan of Arrangement

Support Agreements ~57% Lock-Ups from Nuuvera shareholders, in addition to Aphria’s current ~6% interest

Shareholder Voting Requirements 66 2/3% approval, as well as a Majority of the Minority, from Nuuvera shareholders with respect to the plan of arrangement

Deal Protection Termination fee of $25 million payable to Aphria

Timing Expected closing in April 2018, subject to customary closing conditions

1. Fully-diluted, in-the-money treasury basis2. Assumes closing of Broken Coast Cannabis Inc.

Thank You

For more information: investors@aphria.com